Elliott wave analysis of EUR/NZD for November 24, 2016

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Wave summary:

We have seen the expected test of 1.4985 (the low was seen at 1.4980). We are now looking for a clear break above the minor resistance line near 1.5105 and more importantly a break above resistance at 1.5168. The next strong rally higher to 1.5380 and above will finally confirm that the long-term correction from 1.9023 completed with the test of 1.4812 and a new impulsive rally is building. The next target to look for above 1.5380 is seen at 1.5516 and 1.5764 as the next upside targets.

Trading recommendation:

We have bought EUR at 1.5000, stop is placed at 1.4950. If you are not long EUR yet, then buy a break above 1.5105 and use the same stop at 1.4950.

The material has been provided by InstaForex Company – www.instaforex.com

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